Dentons (JD Supra Puerto Rico)
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Revised Puerto Rico Bill (PROMESA) Introduced: Reflects an Agreement between House Speaker Paul Ryan and the White House (HR 5278) -- Legislation Would Establish Puerto Rico Oversight Board and Special Restructuring Laws
Puerto Rico is in crisis, faced with more than US$100 billion in debts of governmental and related entities. On May 19, 2016, with the support of House Natural Resources Committee Chairman Rob Bishop (R-UT), House Speaker Paul Ryan and the White House, Congressman Sean Duffy (R-WI) introduced HR 5278, the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA). The revised bill is...
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